Chelsea Pitch Owners planning to act over mis-sold shares

Roman Abramovich suffered another potential blow to his stadium plans on
Wednesday when Chelsea Pitch Owners bowed to demands to act over mis-sold
shares during the club’s bid to buy back the Stamford Bridge freehold.

During another fractious meeting of shareholders of the fan-led company which owns the land beneath the club’s current home, its board was forced to agree to try to reduce the power of those shares sold illegally ahead of October 2011’s crucial vote on CPO’s future.

The board had previously insisted that it could not afford a legal battle to render those shares void.

But the annual meeting at Stamford Bridge saw shareholder Theresa Magee point out the company’s Articles of Association allowed it to remove the voting rights of anyone who failed to respond to a letter asking them to state whether or not they had any connection to the club.